COVID-19 Cross sector impact-7 October 2021
COVID-19 has spread to over 198 countries with a total of more than 232 million confirmed cases and over 4.7 million deaths. The number of confirmed cases in the US is over 43 million, with cases again rising after sustained periods of decline. As in many other countries, most new cases are of the Delta variant, with hospitalizations also on the rise (97% of those admitted are unvaccinated). In the 4-week period up to 26th September, the UK had the highest rate of new cases of the ten most infected countries. Numerous countries across the world are experiencing a surge in cases due to the Delta variant.
Situation analysis:
Total COVID-19 vaccine doses administered have now surpassed the total number of confirmed cases, with a total of over 2.9 billion single vaccine doses administered. However, business confidence remains volatile, likely due to the spread of the Delta variant. China leads in the total number of vaccinations, while Spain now leads amongst top economies in the percentage of the population that has received at least one dose of the vaccine. This data shows that highly efficacious vaccines are now widely available, at least in developed markets, but there is still significant improvement in the treatment of infected patients. Antibody cocktails from Regeneron and Lilly are set to see use in the EU, while Pfizer is beginning a study of an oral COVID-19 antiviral drug.
Sectoral overview:
- Apparel: Further lockdowns in the West are hitting apparel brands that have physical stores. The shift online continues but cannot compensate entirely for the loss of store sales. The vaccination rollout is good news, but a return to a more social life and the demand for smart clothing and occasion wear is unlikely to materialize until the end of the year
- Foodservice: The easing of COVID-19 restrictions will benefit the industry significantly, though consumers will remain cautious of both social interaction and their spending in the future. Behavioral changes including scratch cooking and working from home will likely have a long-term impact on the restaurant industry
- Healthcare: Concerns about the ability to respond to a fourth wave in the winter are driving manufacturers to expand manufacturing capacity for PPE, such as Honeywell establishing a 4.5m per year facemask plant in the UK
- Pharma: The race for effective treatments and vaccines continues. Currently, there are 5,941 clinical trials for COVID-19 and promising clinical data to continue to emerge for COVID-19 vaccines
- Travel and Tourism: A lack of bilateral agreements has resulted in one-sided policies and continues to cause confusion for travelers. Until two way travel agreements are in place international travel demand will remain dampened while travelers look for experiences closer to home where restrictions have been relaxed
For more detailed analysis of the sector impacts during the COVID-19 pandemic, download our free report.
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